Gold key in Zim mining sector revolution

gold

HARARE – Gold production of 100 tons and  earnings of US$4 billion per annum will anchor the attainment of a US$12  billion local mining industry by 2023, a Cabinet Minister said on  Monday.

Mines and Mining Development Minister Winston Chitando said the US$12  billion milestone will be achieved through production growth across high  value minerals such as gold, platinum, diamonds, lithium and chrome.

He said US$3 billion was expected from platinum at a production rate of 2.4 million ounces per annum while chrome, iron ore and steel were  expected to contribute US$1 billion, the same as diamonds at a  production rate of over 11 million carats per year.

Coal and hydro-carbons, he said, would contribute US$1 billion, lithium US$0.5 billion while other minerals would add US$1.5 billion.

“We can do it, we have to do it, we will do it,” Chitando declared  boldly at the launch of a strategic road map to the achievement of a USD12 billion mining industry by 2023.

“The US$12 billion has been defined and the role now (of government) is  to facilitate its achievement.”

Chitando said the US$12 billion milestone was based on quick wins and  low hanging fruits, given that there were several projects across  various minerals which were being developed with some scheduled to come  on stream within the next two years.

He said to aid the achievement of the milestone, the government would  also come up with policies for specific minerals and provincial mining  policies while pushing for increased exploration and the participation  of small scale miners.

“The 2023 milestone only includes a fairly small percentage of the  minerals we have (in Zimbabwe). We talk of over 40 minerals but if we  look at what we are targeting its probably around 10 minerals which  shows the potential that we can and we should do better to improve that US$12 billion,” he said.

“If we look at the projections we have done a minimum of US$20 billion  will be the target by 2030.”

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Chitando said the Zimbabwe is Open for Business mantra adopted by the  second republic had enabled new investment in the mining sector to  trickle in.

“What Zimbabwe lacked to take advantage of the mineral endowment we  have, was the capital investment and when His Excellency (President

Mnangagwa) came up with his mantra Zimbabwe is Open for Business what  that did was to unlock new sources of capital.

“It enabled us to talk about the US$12 billion, an increase in the  mining industry from US$2.7 billion to US$12 billion, that is a 345  percent increase,” he said. – New Ziana

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